Ibovespa Futures Drop as Poll Shows Voter Support for Rousseff

Ibovespa futures fell, following four days of gains for the equity index, as a poll indicated that President Dilma Rousseff would win the first round of Brazil’s 2014 election in October.

State-controlled oil producer Petroleo Brasileiro SA may move after opposition lawmakers said they plan to investigate allegations of irregularities in an oil refinery purchase. Steelmaker Cia. Siderurgica Nacional SA may be active as Goldman Sachs Group Inc. recommended selling the stock.

Ibovespa futures contracts due in April declined 1.3 percent to 46,845 at 9:36 a.m. in Sao Paulo. The equity index has gained 5.1 percent since March 14. The real strengthened 0.2 percent to 2.3243 per U.S. dollar today.

A voter poll by Ibope showed that Rousseff would probably garner 43 percent of the vote and win the October presidential election, newspaper O Estado de S. Paulo reported today. State-run companies including Petrobras and Centrais Eletricas Brasileiras SA rallied yesterday amid speculation that the survey would show increased support for opposition candidates.

Brazil’s benchmark equity gauge entered a bear market on March 14 after falling 20 percent from its October 2013 high through that day. The gauge has since pared the drop to 16 percent.

Trading volume of stocks in Sao Paulo was 7.5 billion reais yesterday, which compares with a daily average of 6.36 billion reais this year, according to data from the exchange.